DeKalb Times

DeKalb Times

Tuesday, October 15, 2019

Former state university employee Berg paid in $96K to pension fund, could collect $1.86M in retirement


By Local Labs News Service | Apr 1, 2019

Former state university employee William Berg, who retired in March 2019, saved $95,966 toward a pension over 29 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Berg would collect as much as $1.86 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Berg received $39,000 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Berg will have already received $120,545 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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